Adani-Hindenburg case: SEBI seeks 15-days extension to complete probe

Sebi on Monday requested the Supreme Court to grant it 15 more days to conclude the investigation into allegations against the Adani group made by US short-seller Hindenburg Research.

The Securities and Exchange Board of India (Sebi), which was supposed to submit its report on Monday, told the apex court that it has completed investigating 17 out of the 24 transactions it had taken up for probe, a Reuters report cited.

The market regulator has sought more information from other regulators and foreign jurisdictions to plan a further course of action.

In the morning trade, Adani Enterprises share price was trading 3.41% lower at ₹2,452.00 apiece on the BSE.

The stock has now pared some of its morning losses, but is still down more than 2% at ₹2,464.

Earlier in May, the SC granted Sebi an extension until 14 August to conclude its investigation.

However, the extension was shorter than the six months time sought by the markets regulator to complete the probe, Mint had reported earlier.

Additionally, the court had directed Sebi to provide a specific report on its investigation into alleged violations of minimum public shareholding (MPS) norms by certain Adani companies.

Sebi rules require a publicly traded company to have a minimum public shareholding of 25%.